- Bordeaux’s trade share falls as high value Burgundy trades and high volume Champagne trades narrow the gap
- Lafite 2021 and 2018 see increased trade at their ex-chateau and ex-negociant release price levels
- This week, Liv-ex members were sent an in-depth Burgundy Report, analysis on Liv-ex member predictions for the market in 2025, and a Market Update on the Liv-ex Fine Wine 1000 price floors
After a stronger than usual close last week, Bordeaux trade returned to more normal levels, taking a 33.3% share of trade value. 2019 was the top-traded vintage. Chateau Lafite Rothschild was by far the region’s top-traded producer, taking 23.4% of the Bordeaux trade value.
Boosted by high value trades of Domaine de la Romanee-Conti, Romanee-Conti, Burgundy’s trade share rose to 23.3%. Gros Frere et Soeur, Richebourg 2022 traded in decent volumes at £4,800 ($6,067) per 12×75, or €482.8 per bottle. With the 2021 and 2020 vintages also changing hands, Gros Frere et Soeur was Burgundy’s second top-traded producer.
Champagne closed with a 17.4% share of trade value, up from 15.3% last week. This week saw high volume trades of Perrier Jouet, Belle Epoque 2015 (£930 / $1,178 per 12×75, or €93.8 per bottle). Dom Perignon, which, along with Louis Roederer, consistently leads Champagne trade, saw a fall in trade this week. It took 9.6% of Champagne trade value, well down on its average so far this year (19.1%).
Breakdown of buyer geography
US buyers took more of a back seat this week, ending neck and neck with UK buyers. A deeper look at US and UK buying patterns adds nuance. The average value per UK purchase was 23.8% above that of US purchases. The total count of UK purchases was 19.1% below that of US purchases. As we highlighted in our Burgundy Report, UK buyers over index on Burgundy purchases. This week was no different, with high value Burgundy trades accounting for 44.0% of UK purchases.
What were the week’s top-traded wines?
The past fortnight has seen DRC Romanee-Conti 2021 trade for the first time on the secondary market. This week it was the top-traded wine by value.
Perrier Jouet, Belle Epoque 2015 was this week’s second top-traded wine by value and top-traded by volume. In total, 160 cases changed hands, all at the same price. While Perrier Jouet was Champagne’s top-traded producer this week, year-to-date, it accounts for just 4.0% of the region’s total trade. This compares to Dom Perignon’s 19.1% and Louis Roederer’s 15.9%, with Salon further back at 9.9%.
Year-to-date, Lafite 2021 and 2018 are the two top-traded wines by value on the market. Their trade prices relative to release prices is revealing. The 2021, released ex-London at £6,000 per 12×75 (top line on the chart below), last traded at £3,882 ($4,918) per 12×75, or €390.1 per bottle, flat on its ex-chateau release price. After a flurry of activity at the £4,500 ($5,700 / c.€440 per bottle) mark last year, trade died off, before picking up once again when prices reached the ex-chateau level (as indicated by the bottom line on the chart below).
Liv-ex trades of Lafite 2021
Lafite 2018’s recent trade has occurred just above the ex-negociant price point (€490 per bottle, equivalent to c.£5,000 or c.€6,200 per case), indicated by the bottom line on the chart below. Released before the 2021-2022 bull run, trade dwindled as the wider market fell, picking up when prices returned to their ex-London levels (upper line on the chart below), and appearing now to pick up in volume at the next threshold. The question remains whether this will now act as its long-term support or if the prices will once again fall.
Liv-ex trades of Lafite 2018
It’s a similar story with Trotanoy 2019, this week’s fourth top-traded wine by value. While it trades much less frequently than Lafite, this week’s deals were struck at €193.3 per bottle (£1,914 / $2,414 per case). It appears that just below the ex-negociant level (€200 per bottle) was the right level to attract buyers.
Top-traded wines by volume
Produttori del Barbaresco, Barbaresco continued to trade in high volumes, with the 2020 joining the 2021 which was last week’s top-traded wine by volume.
Weekly insights recap
This week, Liv-ex members were sent a Burgundy Report, analysis on Liv-ex member predictions for the market in 2025, and a Market Update on the Liv-ex Fine Wine 1000 price floors.
Liv-ex analysis is drawn from the world’s most comprehensive database of fine wine prices. The data reflects the real-time activity of Liv-ex’s 620+ merchant members from across the globe. Together they represent the largest pool of liquidity in the world – currently £140m of bids and offers across 20,000 wines.
